Currencies
- EUR/USD: The pair is bouncing from its support zone on a 60 minute time frame from our Identified level. The next support is at 1.3781 and the next resistance is at 1.390.
- USD/JPY: The pair has broken its upward trend line on a 60 minute time frame which represents a weakness for the price. The support is at 101.43 and resistance at 103.04.
- GBP/USD: The pair fell from its resistance zone on a 60 minute time frame. The resistance is near the 1.6842 and the support is at 1.6678.
Indicators
Indices
- Asian Markets closed lower on the final trading day of the week. The Hang Seng index was the worst performer during the session and it closed lower with a loss of 1.42%. The index is down nearly 2.32% in the past 5 days.
- European stock markets are trading lower during the early hours of trading. The DAX index is the worst performing index during the session and it is trading lower with a loss of 0.74%. The index is up by almost 0.43% in the past 5 days.
- US Indices futures are trading lower ahead of the unemployment data. Most indices closed lower yesterday and the NASDAQ index was the worst performer with a loss of 1.28%.
TOP News
- The Japanese economic data Tokyo core CPI index came in at 2.7%, while the previous reading was at 1.0%.
- The Japanese all industry activity data fell short of expectations with the final number of -1.1%, whereas the forecast was for -0.5%.
- S&P the rating agency has downgraded Russia’s credit rating to BBB minus.
Things to Remember
- Stops are your biggest friends so make sure use them.
Market Sentiment
- Gold: The precious metal had one of the biggest volatile session yesterday and this volatility may very well continue for the next few days. The next resistance is at 1320 and the support is at 1240.
- Crude Oil: The black gold is trading below the 50day ad 100 day moving average on a 4 hour time frame. The next support is at 100 and the resistance at 103.50.
- VIX: Volatility index dropped nearly by 0.38% yesterday.
News Agenda For Today
08:30 GMT
GBP – Retail Sales m/m
16:30 GMT
CHF – SNB Chairman Jordan Speaks
Trend
The EUR and GBP are trending up against the USD, while the JPY and CHF are trading lower against the USD on an intra-day basis.
Disclosure & Disclaimer:
The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader. by Naeem Aslam